Home Market Bajaj Energy files papers for Rs 5,450 crore IPO

Bajaj Energy files papers for Rs 5,450 crore IPO

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Mumbai: Bajaj Energy along with Lalitpur Power Generation Company, Tuesday filed for a initial public offering with the market regulator Sebi with a plan to raise Rs 5,450 crore through offer.

The offer comprises fresh issue of share up to Rs 5,150 crore by the company and an offer-for-sale of equity shares by Bajaj Power Ventures aggregating up to Rs 300 crore.

The company did not say when they plan to open the IPO. Normally it takes months to get the Sebi clearance for an initial public offer.

The company plans to utilise the proceeds from the IPO to purchase 6.99 million equity shares of Lalitpur Power from Bajaj Power Ventures and Bajaj Hindustan Sugar for Rs 4,972 crore, the companies said in a statement, adding the remaining amount will be utilised for general expenses.

Bajaj Power owns 100 percent in Bajaj Energy, which is into developing, financing and operating thermal power plants with a gross installed capacity of 2,430 mw.

This 2,430-mw capacity comprises 450 mw from five operational plants of 90 mw each, owned and mRead More – Source